Latest news with #Munjal
Time of India
2 hours ago
- Health
- Time of India
PGI's healing scam survived even on dead patients
1 2 Chandigarh: In a scandal that has sent shockwaves through the corridors of PGIMER, Chandigarh, an internal inquiry has exposed a multi-crore financial fraud involving hospital staff, vendors, and possibly senior officials. Over Rs 1.14 crore, earmarked for the treatment of impoverished and critically ill patients, was allegedly siphoned off under the guise of government welfare schemes. The funds—meant to be lifelines for the most vulnerable—came from prestigious sources like the Prime Minister's Office, Ambedkar Foundation, Hans Culture Society, Rashtriya Arogya Nidhi (RAN), and various NGOs. Instead, they were rerouted into fake accounts, manipulated bills, and ghost patients. This crucial information has been furnished as part of the PGI's inquiry report, obtained through RTI (a copy of which is with the TOI) by Ashwani Kumar Munjal, chairman of the Joint Action Committee (JAC), PGI. Munjal pointed out significant flaws in the report, alleging deliberate attempts to shield higher-ranking officers. He revealed the initial resistance faced in accessing the report, saying the CPIO, vigilance cell, initially refused to provide a copy of the enquiry report, citing "frivolous and baseless" pleas, despite a precedent set by a CIC judgment from 2008. It was only after a first appeal was filed with the chief vigilance officer, PGI, on May 24, that an order was issued to release the report, which was finally received on July 1. Munjal asserts that the Rs 1.14 crore identified is merely "the tip of the iceberg," as many fake documents used to siphon off money were entered manually, with no online data created for these patients, and the manual files subsequently "lost." The internal committee, led by Prof Arun Kumar Aggarwal, documented a systematic pattern of fraud spanning from 2017 to 2021. The misappropriated funds were intended to provide critical support to the sickest patients. Preliminary findings indicate that corrupt activities began as early as 2017, with 70 cases of financial irregularities identified in addition to 11 initial ones. Munjal questions the inexplicable ignorance of officers in the private grant cell or accounts branch, raising "serious doubts" about potential connivance. Further concerns arise from the delay in constituting the enquiry committee, which took over three months, on Feb 9, 2023, and its shocking six-month inaction before holding its first meeting on Oct 5, 2023. The report offers no explanation for these significant delays. Adding to the controversy, five accused individuals, including one in the private grant cell, continued working at PGI until the report's finalisation. One regular officer implicated was even permitted to retire on Dec 31, 2020, despite indications of fraud continuing post-2020. According to the detailed report, officials and clerical staff transferred funds to fake beneficiaries, manipulated bills, and routed payments without any medical prescriptions or valid patient records. Among the major highlights of the alleged fraud, a staggering Rs 38,00,946 (61.5%) out of Rs 61,75,000 received from Rastriya Arogya Nidhi (RAN) was siphoned off. This included fraudulent withdrawals of Rs 27,66,355 in the names of three deceased patients. Demands were raised and manual supply orders issued without treating doctors' prescriptions. In a particularly alarming case, Rs 90,000 earmarked for a cancer patient was transferred directly into a hospital attendant's bank account, while further investigations showed that in several cases money continued to be drawn in the name of patients who had already died. Under the rare diseases scheme alone, Rs 38 lakh meant to provide life-saving treatments was funnelled into vendor accounts without a single doctor's prescription or patient visit being recorded. The committee also found 70 more cases from Sept 2017 to Oct 2021, totalling Rs 50,11,276, paid to firms without patients even visiting PGI. Funds were released by the accounts branch based on manual supply orders without medical prescriptions or valid patient records. Furthermore, Rs 19,00,759 was fraudulently withdrawn in 11 cases, transferred to individuals falsely identified as "dependent" relatives or spouses, including PGI staff. Software data related to these cases mysteriously vanished, and all 11 case files went missing, strongly suggesting "foul play and connivance of higher officers." Another Rs 50 lakh was paid out to pharmaceutical and supply vendors against requests for medicines and treatment supplies which patients never even received or requested. Bills were found to be deliberately manipulated, with at least one payment of Rs 62,000 made twice under two different patient records. In total, the enquiry flagged 103 separate cases of financial fraud, while original patient files for at least 37 patients went missing from the private grant cell's records, suggesting systematic evidence destruction. Among those named in the report are a retired junior administrative assistant, several lower division clerks, a data entry operator, and outside collaborators, including the owner of a medical store and his business partner. The official spokesperson for PGI confirmed, "The case related to the private grant cell at PGIMER has been formally handed over to the Central Bureau of Investigation (CBI) by the vigilance department. The CBI has since taken charge, and the investigation is currently in progress. Meanwhile, the directives issued by the vigilance department are being duly implemented by the private grant cell." Unanswered questions: Rs 19L transferred to non-beneficiaries | An amount of Rs 19,00,759 was fraudulently withdrawn in 11 cases, with funds transferred to individuals falsely identified as dependents or spouses, including PGI staff. Software data related to these cases mysteriously vanished, and all 11 case files went missing, strongly suggesting "foul play and connivance of higher officers." Only a fraction (Rs 2,91,839) has been recovered. Rastriya Arogya Nidhi (RAN) siphoned | Out of Rs 61,75,000 received from RAN, a staggering Rs 38,00,946 (61.5%) was siphoned off. This included fraudulent withdrawals of Rs 27,66,355 in the names of three deceased patients. Demands were raised without treating doctors' prescriptions, and manual supply orders were issued. Scams in 4 years | 70 more cases of scams from Sept 2017 to Oct 2021, totalling Rs 50,11,276 paid to firms without patients even visiting PGI. The modus operandi involved raising manual supply orders without prescriptions and approval by the incharge private grant cell, with funds released by the accounts branch. Utilisation certificates for 69 cases, with copies of original bills from vendors, were sent to funding agencies, despite the alleged fraud.
Time of India
a day ago
- Automotive
- Time of India
IPO watch: Hero Motors refiles IPO papers with Rs 1,200 crore issue, ups fresh component to Rs 800 crore
Hero Motors IPO: Hero Motors has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) with an increased issue size of Rs 1,200 crore. The revised IPO will consist of a fresh issue of equity shares worth up to Rs 800 crore and an offer for sale (OFS) of up to Rs 400 crore by promoters. According to the DRHP quoted in an ET report, the OFS portion includes Rs 390 crore worth of shares from O P Munjal Holdings, and Rs 5 crore each from Bhagyoday Investments and Hero Cycles. The company may also explore a pre-IPO placement of up to Rs 160 crore, which would reduce the size of the fresh issue accordingly, the report said. Led by Pankaj Munjal, a member of the Munjal family behind Hero MotoCorp, Hero Motors counts premium global brands like BMW, Ducati, and Harley-Davidson among its clients. The proceeds from the IPO will be used primarily to reduce debt and for the purchase of capital equipment to expand its manufacturing facility in Uttar Pradesh. As per the DRHP, not more than 50% of the IPO will be reserved for qualified institutional buyers (QIBs), while a minimum of 15% will be allocated to non-institutional investors and 35% to retail investors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The IPO will be conducted through a book-building process, according to the report. Hero Motors had originally filed IPO papers in August 2023 for a Rs 900 crore issue. Promoters currently hold a 91.65% stake in the company, which manufactures engine and transmission components for two-wheelers. In FY24, 49% of Hero Motors' revenue came from powertrain solutions and 51% from its alloys and metallics (A&M) segment. Geographically, 59% of its FY24 revenue came from India, followed by 29% from Europe and 8% from the US. The company's revenue from operations rose from Rs 914.2 crore in FY22 to Rs 1,064.4 crore in FY24, while gross profit grew at a CAGR of 22% from Rs 281.4 crore to Rs 419.4 crore during the same period. Gross margins improved significantly from 30.78% in FY22 to 39.40% in FY24. ICICI Securities, DAM Capital Advisors, and JM Financial are acting as book-running lead managers to the issue, and KFin Technologies is the registrar. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
a day ago
- Automotive
- NDTV
Hero Motors Refiles IPO Papers, Increases Issue Size To Rs 1,200 Crore
Hero Motors, the auto components maker, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering (IPO) of Rs 1,200 crore. This reflects an increase in the proposed issue size compared to the Rs 900 crore filed in August 2024. The IPO features a fresh issue of up to Rs 800 crore along with an offer for sale totaling up to Rs 400 crore from the promoters. Within the offer for sale, there are shares valued at Rs 390 crore from O P Munjal Holdings and Rs 5 crore each from Bhagyoday Investments and Hero Cycles. Also Read: Suzuki Motorcycle India Reports 8 Percent YoY Growth In June 2025 Sales The company aims to allocate Rs 285 crore from the fresh issue to repay or prepay existing loans, while Rs 237 crore will be directed toward expanding capacity at its facility in Gautam Buddha Nagar, Uttar Pradesh. Hero Motors also plans to use the funds for inorganic growth through acquisitions and for general corporate activities. The new filing shows the company's fresh effort to enter public markets following its previous withdrawal, with the larger issue size indicating updated funding needs for debt reduction and expansion initiatives. The auto components manufacturer had previously withdrawn their Rs 900 crore IPO papers back in October 2024 after filing them with SEBI in August 2024. The aforementioned proposal included a fresh issue of Rs 500 crore and an offer for sale component of Rs 400 crore. Hero Motors, managed by Pankaj Munjal, works within the auto components industry and counts BMW and Ducati as clients. Pankaj Munjal is part of the Munjal family, which operates Hero MotoCorp, the largest two-wheeler manufacturer in India by volume.
India.com
2 days ago
- Automotive
- India.com
Meet Indian, who migrated from Pakistan to India, built world's one of biggest business of…, he is…
Today is the birth anniversary of Brijmohan Lall Munjal, the founder of the Hero Group. Around 75 years ago, after migrating from Pakistan to India, he started the foundation of the Hero Group. Initially, he worked as a supplier of bicycle parts and later entered into a bicycle manufacturing company and transformed into a two-wheeler manufacturing business. Affordable two-wheelers for the Indian middle class, the first name that comes to mind is Hero MotoCorp. Brijmohan Lall Munjal was born on July 1, 1923, in Kamalia, Toba Tek Singh district, in undivided India's Punjab (now in Pakistan). How Hero Cycles Began? Hero Cycles was started by Brijmohan Lall Munjal and his three brothers when they moved to Amritsar, India, after migrating from Pakistan. Earlier they were dealing in bicycle spare parts. However the riots after the partition erupted all businesses so they relocated to Ludhiana. In Ludhiana, Munjal and his brother Om Prakash Munjal founded Hero Cycles. They also received a license from the Punjab government to manufacture bicycles. The bicycle business grew rapidly and Hero Cycles became a household name in India. Hero Cycles' Success By 1975, Hero Cycles had surpassed all competitors and became the largest bicycle manufacturer in India. In 1986, the company earned a Guinness World Record for producing the highest number of bicycles in the world. The Hero Cycles' success is mainly credited to Brijmohan Lall Munjal's approach. It is said that he knew all his dealers and suppliers by name and never delayed payments to anyone. Hero In Two-Wheelers After the success of Hero Cycles, Munjal established a two-wheeler company, Hero Majestic, which used to manufacture mopeds. The turning point came in 1984 when Hero partnered with the Japanese company Honda Motors. In 1985, the company launched its first motorcycle, the Hero Honda CD100, which achieved massive success. Later, the Hero Honda Splendor, launched in 1994,changed the company's position as a leader in the two-wheeler industry.
Hindustan Times
2 days ago
- Automotive
- Hindustan Times
Hero Motors files for IPO up to $140 million
Jul 01, 2025 10:33 AM IST Indian auto parts maker Hero Motors has filed for an initial public offering of up to 12 billion rupees ($140.1 million), draft papers showed on Tuesday. Proceeds from the IPO will be used to trim debt and fund purchase of equipment to expand its facility(REUTERS) The company will issue fresh shares worth up to 8 billion rupees while its existing shareholders will sell shares worth up to 4 billion rupees, the draft prospectus showed. Hero Motors, which counts BMW and Ducati as its clients, is led by Pankaj Munjal, who belongs to the Munjal family that runs India's largest two-wheeler maker by volumes, Hero MotoCorp. Proceeds from the IPO will be used to trim debt and fund purchase of equipment to expand its facility in India's Uttar Pradesh state, Hero Motors said. Its full fiscal year 2024 net profit fell 67% on-year, as increased expenses overshadowed a near-1% rise in revenue. ICICI Securities, JM Financial and DAM Capital are the book running lead managers of the offering. ($1 = 85.6600 Indian rupees)
