November 29, 2022

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Illegal sand mining Firm recorded Rs 4.74 lakh loss in 2019-20, ED recovered Rs 10 cr from its directors

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During its recent raids in an unlawful sand mining situation, the Enforcement Directorate recovered Rs 10 crore in funds from directors of a private company – Companies Abroad Consultants. But the firm’s financial documents for the year 2019-20, as accessed by The Indian Categorical, present its total income from functions to be about Rs 18.38 lakh with a total reduction of Rs 4.74 lakh right after meeting its charges.

The organization also confirmed full indebtedness of Rs 3.88 lakh. Providers Overseas Consultants had filed its very last stability sheet with the Ministry of Company Affairs on February 15, 2021 for the year 2019-20, when the stability sheet for FY 2020-21 is yet to be submitted.

ED, in its modern raids dependent on a 2018 FIR registered over illegal sand mining at Rahon Police station of Nawanshahr, had recovered Rs 10 crore cash from the administrators of this company, which includes CM Charanjit Singh Channi’s nephew Bhupinder Singh Honey, and Sandeep Kumar. Kudratdeep Singh is the third director of the company whose title was there in the sand mining FIR.

A senior officer in the ED, though underlining the Rs 10 crore recovery, explained that although the business is yet to file its harmony sheet of this yr (2020-21) in the coming month, “it is not likely that organization would report a big leap in turnover from its past determine of Rs 18 lakh supplied the pandemic and its primary operations connected to instructional consultancy”.

The organization has arrive in the crosshairs of ED’s unlawful mining probe as one of its director, Kudratdeep Singh, was named in the 2018 FIR.

THE Stability SHEETS

The corporation since its inception has only submitted two stability sheets for the 12 months 2018-19 and 2019-20 with Ministry of Corporate Affairs, less than the class of organization restricted by shares/Indian non-governing administration firm. This firm was registered on October 25, 2018 (pretty much 8 months right after the registration the sand mining situation).

Training and immigration consulting is the primary function of the company although Kudratdeep Singh, Bhupinder Singh and Sandeep Kumar are the Administrators and vital managerial staff of the firm.

Registered at Sector 44-D of Chandigarh, all the three associates are the shareholders of 33.33 per cent every in the firm and own 2,000 shares just about every the price of which is Rs 10 per share.

According to the balance sheet as on March 31, 2020 (the copy of which is readily available with The Indian Convey) signed by both of those Bhupinder Singh Honey and Kudratdeep Singh, the business experienced proven income or commission from operations Rs 18,37,777 and total fees of Rs 23,12,024. Also Rs 4,74,247 was proven as reduction and Rs 1,02,540 as deferred liability.

The business expended Rs 12,34,072 on the income and Rs 45,599 on employees welfare, which comes to full 12,79,671 and apart from this Rs 10,32, 184 was revealed as “other expenses” which incorporated Rs 2,40,500 rent, Rs 37,451 as scholar coverage bills, Rs 94,945 as ad bills, Rs 80,048 for electricity, Rs 81,771 as car run upkeep, Rs 79,623 as workplace bills, Rs 65,270 as travelling fees and so on.

The firm has also revealed lengthy time period liabilities as ‘unsecured loan’ of Rs 3,88,477 and quick-phrase loan and advances of Rs 8,500. To get better its losses, the corporation had taken financial loan and innovations of Rs 5.26 lakh from its shoppers as for each this stability sheet.

In the economical calendar year 2018-19, the corporation experienced only shown expense of Rs 22,954. The balance sheet reveals Rs 5,968 paid out as earnings tax. The company’s share cash amount of money was Rs 5 lakh, which signifies that it could devote up to Rs 5 lakh and its paid out-up cash was Rs 60,000.

Illegal MINING Circumstance

It was on March 7, 2018, that Rahon police submitted an FIR subsequent a tweet by then CM Amarinder Singh that pointed out with images illegal mining on the banking companies of Sutlej in Phillaur and Rahon. Shock checks adopted and an FIR was submitted against 26 persons linked to six mines. Kudratdeep was named, but never ever arrested. He only appeared just before cops immediately after securing bail, and afterwards an inquiry was marked in his circumstance and later on he was declared ‘innocent’ by law enforcement.

The ED experienced conducted its probe now dependent on the FIR submitted by the law enforcement in 2018.

The ED mentioned that during the system of its lookups, many incriminating documents relevant to sand mining small business, house transactions were being uncovered along with cell telephones, Indian currency a lot more than Rs 10 crore, gold worth previously mentioned Rs 21 lakhs and a Rolex watch truly worth Rs 12 lakhs.

These searched by the Directorate included Kudratdeep Singh, Bhupinder Singh Honey (Channi’s nephew), Sandeep Kumar, Manpreet Singh, Sunil Kumar Joshi, Jagveer Inder Singh, Randeep Singh at various areas in Mohali, Ludhiana, Rupnagar, Fatehgarh Sahib and Pathankot.

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