ndsharma's blog

Dilip Buildcon reduces IPO size

Posted on: February 14, 2016

All’s not well, it seems, with Dilip Buildcon, the infrastructure firm of Dilip Suryavanshi. It had to slash the size of fresh issue of shares from the original one it had submitted to the Securities Exchange Board of India (SEBI). It has once again approached SEBI to raise funds aggregating up to Rs 430 crore through an initial public offer (IPO) for various corporate requirements including ‘repayment of loans’.

In March last year the company had filed draft papers with SEBI for raising Rs 630 crore through IPO. What made the company withdraw the offer and resubmit it in a reduced size is not clear. According to market talk, the income-tax and Enforcement Directorate (ED) cases might be haunting Suryavanshi and his firm.

The Income Tax Department had raided the establishments of Suryavanshi and his associate Sudhir Sharma spread over various cities in 2012. Several trunks full of documents seized by the I-T party from the establishments of Suryavanshi reportedly contained official note sheets pertaining to the transfers of senior bureaucrats and files of sensitive construction projects. This, though, had not come as a surprise to those who had been keeping a watch on the functioning of the BJP government and the enigmatic relationship between chief minister Shivraj Singh Chouhan and Suryavanshi.

The I-T officers had also reportedly seized documents showing that Suryavanshi had received around Rs 140 crore from a foreign country. The matter was then handed over to Enforcement Directorate (ED) as it pertained to violation of foreign exchange regulation laws.

‘Mail Today’, a New Delhi newspaper, later quoted a senior ED official as saying that the case of Dilip Buildcon would be investigated ‘regarding the violations of the Prevention of Money Laundering Act (PMLA)’. The official added, according to the daily, ‘The firm (Dilip Buildcon) has received the money from a firm based in South Africa’.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

February 2016
M T W T F S S
« Jan   Mar »
1234567
891011121314
15161718192021
22232425262728
29  

Outright Perilous!

An egoist as the head of the government is bad enough. An egotist is a nuisance as his constant chant of I…, I…., I….. jars on the listeners’ years. But when he loses touch with the reality and starts believing his imaginary achievements to be his real achievements, that’s outright perilous.

Twitter Updates

  • Now what happens to the efforts of Dineshwar Sharma who was appointed Interlocutor by the Modi government to find o… twitter.com/i/web/status/1… 1 day ago
  • RT @mkvenu1: BJP leaders in J&K are screaming that the state govt has totally failed. Aren't they are part of the govt? 1 day ago
  • RT @rkhuria: #BJPDumpsPDP Now BJP gets an opportunity to dilute case against accused (all of whom belonged to BJP) in Kathua rape and acqui… 1 day ago
  • RT @katjuPCI: When Modi Ji can politicise CBI, Judiciary, Election Commission, President, Governors, I have my sympathies with those people… 1 day ago
  • RT @Ram_Guha: Regional parties already knew that to ally with the BJP was antithetical to self-respect. Now, seeing how Mehbooba and the PD… 1 day ago
  • RT @MGNTheTwin: After ruining Kashmir completely, BJP slams its own coalition govt, walks out and asks for governor's rule! How unreliable… 1 day ago
  • RT @rasheedkidwai: Congress wary of fallout from AAP and L-G slugfest, but party needs to work out its stance quickly or risk irrelevance 2 days ago
  • Smriti Irani removed from NITI Ayog too, and with PM Narendra Modi's approval - goo.gl/alerts/WpB3p #GoogleAlerts 2 days ago
  • Demonetisation: Indians may have gone back to cash & credit pay - goo.gl/alerts/eyL1Z #GoogleAlerts 5 days ago
  • RT @MGNTheTwin: Modi's best friend Nirav Modi used revoked passport four times to travel, because airport authorities were not informed by… 5 days ago

Archives

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 47 other followers

Share this blog


Subscribe

Blog Stats

  • 148,570 hits
Advertisements
%d bloggers like this: