Latest news with #Gorakhpur-based
The Print
27-06-2025
- Business
- The Print
From Gorakhpur to Singapore & Cyprus, Punjab vigilance cites ‘money trail' to seek Majithia's remand
On Thursday, making these submissions in its remand application before a Mohali court, the bureau sought a 15-day remand for Majithia, the brother-in-law of Akali Dal chief Sukhbir Singh Badal. Majithia was arrested from his Amritsar residence Wednesday, after simultaneous raids across 25 locations linked to him by bureau sleuths and the special investigation team (SIT) probing a drugs case against him. The bureau alleged that cash deposits of Saraya Industries, a Gorakhpur-based firm with ties to Majithia, tripled from Rs 40 crore in the financial year 2006-07 to Rs 121 crore in the next financial year, when Majithia had already become a cabinet minister in the then Parkash Singh Badal-led Punjab government. The cash deposits further swelled in the next financial year 2008-09, to Rs 165 crore. New Delhi: Punjab Vigilance Bureau has alleged that cash deposits of a firm with ties to senior Shiromani Akali Dal (SAD) leader Bikram Singh Majithia 'spiked' multifold between 2007 and 2009, and that Rs 161 crore in 'unexplained cash' was deposited into the firm's accounts during the same period. The agency has also alleged that the firm received Rs 141 crore through 'dubious foreign investments from Cyprus and Singapore'. Facilitated by Majithia, more than Rs 540 crore was laundered through illicit channels into the bank accounts of companies, a spokesperson with the vigilance bureau alleged Wednesday. The spokesperson broke the amount down: cash deposits to the tune of Rs 165 crore, Rs 141 crore routed from offshore entities in Singapore and Cyprus, and financial statements of Saraya Industries accounting for an additional credit of Rs 236 crore, without making any disclosures. On the other hand, legal counsels of Majithia—advocates H.S. Dhanoa, Arshdeep Singh Cheema, and Arshdeep Singh Kler—argued that their client resigned as director of the firm, Saraya Industries, and that his role was limited to that of a shareholder, with roughly 11 percent ownership of the company, as inherited from his grandfather. 'The SIT formed to probe the drug case filed three affidavits in the Supreme Court, giving the same set of allegations in the present case. However, as their efforts to present the money as proceeds from drugs did not bear fruit, the same set of allegations has been reproduced as a case of disproportionate assets against my client,' Cheema told ThePrint. Adding, 'He (Majithia) is neither an office bearer nor a beneficiary of the funds received by the company.' The vigilance bureau, presenting grounds for Majithia's arrest, alleged that he, along with his family members, used as many 200 bank accounts in different banks to recoup the Rs 540 crore and that it wanted to take him into custody to ascertain details of the same. 'The investigation has also revealed ownership or beneficial interest in properties, investments, and other financial instruments in the name of third parties, who appear to be benami holders, acting at the instance of the accused,' the bureau alleged in the remand application, a copy of which ThePrint has seen. The agency further argued that since it had to seize and examine the registers of the Gorakhpur-based firm before confronting Majithia with the entries in the registers, his custodial interrogation was essential. According to the vigilance bureau, the suspicious funds Saraya Industries received from 'dubious foreign investments' from Cyprus and Singapore—Rs 141 crore—was settled for Rs 53 crore, less than half the amount, later. Asserting that Cyprus is known as a 'hub of money swindlers', the vigilance bureau further said, 'The accused is required to be interrogated to unearth his illegal connections with such foreign entities. The nature, purpose, and legitimacy of these transactions remain unsubstantiated.' The bureau further asserted that to conduct a proper investigation and to unearth the facts, interrogation was essential and that it would help corroborate the financial trail and beneficiary links. The Mohali court then ordered the remand of Majithia till 1 July, adding that the bureau should produce him before it on 2 July. 'At this stage, the court is required to see whether the custodial interrogation of the accused is required for the investigation to reach its just conclusion or not. Various discrepancies and questionable transactions have surfaced which require thorough investigation. The grounds upon which the police remand has been sought are well founded. The answers to the questions posed by the investigation agency can only be found out during custodial interrogation,' on duty Judicial Magistrate 1st Class Kirandeep Singh observed in the order. Also Read: AAP's old foe Majithia 'knew' he was next, warned CM Mann before arrest—'will make you scream'
Time of India
19-06-2025
- Business
- Time of India
Mining dept auctions two mineral blocks in Sonbhadra
Lucknow: The Uttar Pradesh mining and geology department on Tuesday and Wednesday managed to auction two major mineral blocks in the Sonbhadra district. The two sites are expected to provide a revenue of Rs 6,000 crore in the long run to the state govt. Secretary and director of the department, Mala Srivastava, said that the auction process was completed as per the stipulated protocol, and a Gorakhpur-based company was awarded the two mining blocks. The blocks floated in March this year were discovered in Bharhari B and Shobhna – Chakariya C blocks. The land would be awarded to the private player for exploration. Officials said that a handsome premium was secured through the auctioning process over the reserved rates that were fixed by the department.
Time of India
19-06-2025
- Business
- Time of India
Gallantt Ispat secures 2 iron ore mines in Sonbhadra
Gorakhpur: Gorakhpur-based Gallantt Ispat Ltd has been allotted two iron ore mines in Sonbhadra district through aN auction process at premium rates of 93.91% and 125.51%, respectively, media manager Deepak Sharma informed. Tired of too many ads? go ad free now The allocation is expected to generate revenue of approximately Rs 6,000 crore for the Uttar Pradesh govt in the coming years, while also creating significant employment opportunities in the mining sector across Sonbhadra. Gallantt Group CEO Mayank Agrawal said that the mines will ensure direct access to nearly 50 million tonnes of iron ore, drastically reducing the company's dependence on external raw material suppliers. "This backward integration will allow us to transport raw materials directly to our plant, lowering production costs and enhancing efficiency," he said. "For the first time, iron ore has been made available in the state. This development will significantly strengthen our production capacity and financial performance," said Group CMD Chandra Prakash Agrawal.
Time of India
30-05-2025
- General
- Time of India
Girl tops NDA arts stream on eve of 1st female batch pass-out
Shriti with her parents at the convocation ceremony of 148th course of NDA. 'Striking a balance between military training and academics was a tough challenge..., but I managed to maintain it,' she said PUNE: In a first at National Defence Academy, a girl Army cadet has topped the arts stream. "Striking a balance between military training and academics was a tough challenge for me, but I managed to maintain that balance from the first term to the last. This dedication helped me excel academically," Shriti Daksh told TOI. Shriti, who secured 95% and 98% in her Class X and XII board exams respectively, opted for the squadron (Hunter) of her father, Wing Commander (retd) Yogesh Kumar Daksh. Yogesh, a helicopter pilot with a private airline, said with tears in his eyes, "When she told me she would join my squadron, I felt very proud. But at the same time, I reminded her of the rich history and tradition of our squadron, where physical training is rigorous. But she overcame all the challenges and earned more laurels than I did. I'm extremely proud of her." Recalling her preparations before joining NDA, he said, "I took her to a garden in Noida and told her to run a few rounds. But her physical fitness was not up to par. Within a few weeks, she improved." The chief guest at the convocation of the 148th course of NDA and vice-chancellor of Gorakhpur-based Deen Dayal Upadhyay University, Poonam Tandon, said on Thursday that the passing-out girl cadets were the torchbearers of change, courage and capability, and their example would inspire generations to come. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo "Girls, your achievement today is not just your own. It is a breakthrough for thousands of young women across India who look up to you. You have proven that the pursuit of excellence and service knows no gender. Your presence here is historic, and your example will inspire future generations. I salute your grit, grace, and determination," Tandon told the cadets. Academy Cadet Captain and Navy cadet Udayveer Singh Negi topped the BTech course. He is the fourth-generation Army officer in his family. "My grandfather and father both commanded the infantry battalion 3/3 Gorkha Rifles. Initially, when I joined the academy, I was a bit sceptical about completing three years of training. Whenever I felt I couldn't do it, I remembered the rich legacy of my family, and that motivated me to move forward," he said. Udayveer added that commanding the parade of over 1,300 cadets on Friday would be one of the proudest moments of his life. Udayveer's proud father, Colonel Aditya Negi, a Shaurya Chakra and Sena Medal awardee, said, "I don't think any parent could ask for a better day. My son will also command the parade on May 30. It will be a momentous day for both him and us." Army cadet Prince Kumar Singh Kushwah topped the BSc (Computer Science) programme. The son of a retired Army subedar said, "I cleared JEE, NEET and NDA entrance exams, but my focus was always NDA. It was my first and last choice, and today I stand here with pride." His father, Naib Subedar (retd) Lalchand Kushwah, said, "Prince has been a bright and exceptional student since childhood." Air cadet Lucky Kumar, the top student in the BSc stream and the son of a farmer, said, "It has always been my dream to fly aircraft, and I will join the Air Force."
United News of India
26-05-2025
- Business
- United News of India
Gallantt Group to expand GIDA units
Gorakhpur, May 26 (UNI) The Gorakhpur-based Gallantt Group has announced a significant expansion plan, committing Rs 1,015 crore to enhance its existing facilities in Gorakhpur Industrial Development Area (GIDA). With this move, Gallantt Group's total investment in Gorakhpur will scale up to Rs 2,500 crore. Commending the Yogi government's policies and its emphasis on creating a secure, business-conducive atmosphere, Gallantt Group Chairman and Managing Director Chandra Prakash Agarwal said that such large-scale investments have been made possible only because of the state's pro-industry vision and fear-free environment. Agarwal said that Gallantt's journey in GIDA began in 2009 with an initial investment of Rs 350 crore. He said that this figure rose to Rs 1,500 crore over time, and with the upcoming expansion, it will reach Rs 2,500 crore. The expansion is expected to generate direct and indirect employment opportunities for nearly 1,000 people. As the company is listed on both BSE and NSE, its shareholders will also benefit from the economic gains of this growth. Giving details of the investment, the CMD said that Rs 715 crore will be used to upgrade and expand all Gallantt Ispat Limited production units. "In comparison, Rs 300 crore will go toward setting up a new 100 MW solar power plant. This solar plant will support production operations and strengthen the company's commitment to green energy," he said. Post-expansion, the annual production capacity of the pellet plant will rise from 8 lakh to 10 lakh tonnes, the sponge iron capacity from 5.5 lakh to 6.5 lakh tonnes, and the steel melt shop and rolling mill from 5 lakh to 8 lakh tonnes. The company's power generation capacity will also increase, with the current in-house plant going from 78 MW to 100 MW. Agarwal reiterated that the remarkable improvement in the state's industrial climate under Chief Minister Yogi Adityanath has boosted investor confidence and enabled existing entrepreneurs to scale up their ventures with renewed optimism. UNI AB SSP
