By Neeraj Mahajan and Navtej Singh
In order to wriggle out of the financial mess – he created for himself and had to forgo the Directorship in over a dozen companies in India and overseas Jignesh Shah has changed his strategy. Instead of media management; PR and image building exercises the fallen hero is now banking on exploiting the legal system to save himself.
Ironically the money being spent by him to engage the battery of top most lawyers in the country belongs to the very investors against whom he is defending himself.
Significantly PD Agro is the third largest borrower of NSEL and traded on the Exchange on behalf of Dunar Foods Ltd., Dulisons Cereals and Dulisons Foods. The company defaulted to the tune of Rs.605 crores in NSEL and so far only managed to pay Rs 7.06 crore.
Surendra Gupta, MD of P D Agroprocessors was arrested by the economic offences wing (EOW) of the Mumbai police on 5 March 2014. The Enforcement Directorate also attached properties belonging to P D Agro worth over Rs. 50 crore in Karnal and Mumbai under the Prevention of Money Laundering Act (PMLA).
Investigations revealed that P D Agro is a sister concern of Dunar Foods Ltd. which has rice manufacturing plants at Karnal and Amritsar and is a major branded Basmati rice exporter. P D Agro reportedly diverted NSEL investor funds to the tune of Rs.300 crores to Dunar Foods in the pretext of purchasing paddy and servicing loans. The ED investigations revealed that more than Rs.30 crores were siphoned off to purchase a real estate project – Prime City developed by Prime Zone Developers Pvt Ltd at Assand, District – Karnal. Gupta was also reportedly working closely with AB Waves Constructions.
According to investigations carried out by Taazakhabar News Dunar Foods Limited Corporate Identification Number (CIN) is U01111MH1997PLC208346 and Registeration Number is 208346 is registered on 23 September, 1997. Its registered address on file is “meadows”, 811 sahar Plaza, Andheri Kurla, Mumbai – 400059, Maharashtra, India.
Dunar Foods Limited has 6 active directors / partners: Gopal Srinivasan, Surender Gupta, Kanta Gupta, Kirti Dua, Sankaran Balasubramanian, Charul Kapoor. There are no other Active Directors / Partners in the company except these 6 officials.