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The Print
3 hours ago
- Politics
- The Print
In case against Gujarat Samachar publisher & editor, ED cites ‘illegal acquisition' of NTPC, TCS shares
The federal probe agency made these allegations to oppose the bail application of Bahubali Shantilal Shah, managing director of Lok Prakashan. Shah was arrested on 15 May from his Ahmedabad residence. However, as his health deteriorated, he was admitted to a private hospital the same night. His brother Shreyansh Shah is the chief editor of the newspaper. Alleging that these amounts were routed through two firms, Excell Multitech Ltd and Zenet Software Ltd, the agency said Lok Prakashan cornered 6,46,922 shares of NTPC and 13,780 shares of TCS. The chief editor, ED said, cornered 85,600 shares of NTPC reserved for the retail category. New Delhi: Lok Prakashan, which publishes Gujarat Samachar, along with the chief editor of the Gujarati daily, allegedly routed more than Rs 27 crore to corner shares of National Thermal Power Corporation (NTPC) and Tata Consultancy Services (TCS) during their Initial Public Offerings, Enforcement Directorate (ED) submitted Saturday to an Ahmedabad court. Later, on 16 May, the special PMLA court in Ahmedabad granted Shah interim bail after his counsel, Devang Vyas, moved a bail application requesting release until his regular bail application is pending. The court also documented that the ED did not oppose his interim bail, nor did it seek his remand on humanitarian grounds. As reports of Shah's arrest and bad health emerged, the opposition Congress raised the matter and attacked the Narendra Modi government, terming the arrest 'an attempt to silence' Gujarat Samachar, which has been in circulation since 1932. Reacting to Shah's arrest, Leader of Opposition in Lok Sabha Rahul Gandhi said it was 'another conspiracy to suppress the voice of not just one newspaper but the entire democracy'. 'The arrest of Bahubali Shah is a part of the same politics of fear that has now become the identity of the Modi government. The country will not be run by sticks or fear—India will be run by truth and the Constitution,' he wrote on X. Also Read: Ghost projects, geo-tagged photos—story behind Rs 71-cr MGNREGA 'scam' tied to Gujarat minister's sons How the probe started The ED's case stems from a 2016 SEBI complaint alleging Excell Multitech Ltd and Zenet Software Limited Ltd routed large sums to Ahmedabad-based Sugandh Estates and Investments Pvt Ltd. This firm, in turn, allegedly opened multiple fraudulent accounts to corner shares of NTPC and TCS, which were reserved for retail investors during their IPOs. SEBI mandates that any company floating an IPO keep around one-third of its shares reserved for retail or non-institutional investors. Both NTPC and TCS floated IPOs in 2004. Based on this complaint, ED opened an ECIR on 16 August, 2023, and issued summons to the directors of these two firms to record their statements. On 28 November, 2023, the director of one the firms submitted the books of accounts. Basing its allegations on what it found in these books of accounts, the ED submitted that Lok Prakashan paid Zenet Software Rs 15 crore and Excell Multitech Rs 5.96 crore. It further alleged that Gujarat Samachar editor Shreyanshbhai Shah paid Zenet Software Rs 3.3 crore while the other firm got Rs 2.86 crore from him. Bahubali Shah was summoned for questioning four times, the first being 27 December, 2023, but he appeared only on 28 February, 2024, submitting before investigating officers that he was approached by Dhiren Vora on behalf of these companies, ED submitted. Vora is the son of one of the directors looking after day-to-day affairs of these firms, and Bahubali Shah allegedly accepted having received shares by financing the two firms. 'When he was shown a copy of ledger statement of Zenet Software Limited and Excell Multitech Limited which reflects that Lok Prakashan Ltd transferred Rs 15 cr & Rs 5.96 cr cr and in return Lok Prakashan received shares of NTPC and TCS reserved for retail investors along with other documents, he stated that Lok Prakashan gave funds to these entities for investment through Vora. In lieu of the same, shares were given to Lok Prakashan by these entities,' the ED submitted in the affidavit, a copy of which ThePrint has seen. Vora's statement was subsequently recorded during the investigation. ThePrint contacted Bahubali Shah's counsel Devang Vyas through WhatsApp for comment on ED's allegations but had not received a response by the time of publication. This report will be updated if and when a response is received. The agency also alleged that Bahubali Shah did not respond to three summonses issued in March 2024. During search proceedings on 15 May, he was asked about documents related to shares of NTPC and TCS, which were sought on 28 February, 2024, for which he sought another two weeks. 'The analysis of the material gathered and statements of various persons recorded under Section 50 of PMLA clearly points out that Bahubali Shah is guilty of money laundering. Disclosure made by Shah in his statement/s recorded under PMLA warrant his custodial interrogation,' the ED submitted. 'Shah is son of the founding-editor of Gujarat Samachar and a highly influential person having family business running across various sectors including construction, chemical industry, fishing, trade and financial services. Therefore, it is possible that he may influence the witnesses/ other co-accused,' the agency added. The next hearing on Bahubali Shah's bail application is to be held on 10 June. (Edited by Tony Rai) Also Read: Sacked CRPF constable who married a Pakistani cites letters from 2 BJP MPs in plea challenging dismissal
Time of India
12 hours ago
- Business
- Time of India
Dunes Air enters private aviation market, to offer premium charter services, ET Infra
Advt Mumbai: Ahmedabad-based private aviation firm Dunes Air has announced its entry into the air charter business with the launch of its premium chartered this vertical, the company will offer aircraft charter services to business leaders, high-net-worth individuals , and discerning travellers, its co-founder Ritesh Hada this vertical, the company will offer aircraft charter services to business leaders, high-net-worth individuals, and discerning travellers, its co-founder Ritesh Hada said."The airline is positioning itself as a premium air carrier delivering efficient, private and flexible flying experiences ," Hada non-scheduled operator currently operates two aircraft - the Cessna Citation CJ2+ , a jet suited for fast intercity routes, and the Cessna 208B Grand Caravan, known for its short takeoff capabilities and suitability for regional and remote Air said it is also set to induct a Challenger jet into its fleet, enhancing its long-range and luxury offerings, and supporting the growing demand for premium aviation firm has already connected major metros and tier-2 cities, serving corporate leaders and catering to urgent medical evacuations , destination weddings, spiritual journeys, and other time-sensitive needs, Hada co-founders of the joint venture include Shaishav Shah, Ketan Gajjar, Navneet Agarwal, Tanuj Pugalia and Himanshu Shah.
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Business Standard
12 hours ago
- Business
- Business Standard
Dunes Air enters private aviation market, to offer premium charter services
Under this vertical, the company will offer aircraft charter services to business leaders, high-net-worth individuals, and discerning travellers Press Trust of India Mumbai Ahmedabad-based private aviation firm Dunes Air has announced its entry into the air charter business with the launch of its premium chartered services. Under this vertical, the company will offer aircraft charter services to business leaders, high-net-worth individuals, and discerning travellers, its co-founder Ritesh Hada said. The airline is positioning itself as a premium air carrier delivering efficient, private and flexible flying experiences, Hada said. The non-scheduled operator currently operates two aircraft the Cessna Citation CJ2+, a jet suited for fast intercity routes, and the Cessna 208B Grand Caravan, known for its short takeoff capabilities and suitability for regional and remote destinations. Dunes Air said it is also set to induct a Challenger jet into its fleet, enhancing its long-range and luxury offerings, and supporting the growing demand for premium aviation services. The firm has already connected major metros and tier-2 cities, serving corporate leaders and catering to urgent medical evacuations, destination weddings, spiritual journeys, and other time-sensitive needs, Hada said. Other co-founders of the joint venture include Shaishav Shah, Ketan Gajjar, Navneet Agarwal, Tanuj Pugalia and Himanshu Shah. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
12 hours ago
- Business
- Economic Times
Dunes Air launches premium charter services, eyes growing demand for private aviation
Dunes Air, a private aviation firm based in Mumbai and Ahmedabad, has entered the air charter business, offering premium services to business leaders and high-net-worth individuals. The airline currently operates two aircraft, including a Cessna Citation CJ2+ and a Cessna 208B Grand Caravan. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Ahmedabad-based aviation company Dunes Air has announced its official entry into the air charter business with the launch of its premium chartered services, marking a strategic move to tap into the growing demand for private, flexible, and efficient air travel in company aims to cater to business leaders, high-net-worth individuals (HNIs), and discerning travellers who seek privacy, speed, and convenience. 'We are positioning Dunes Air as a premium air carrier, delivering efficient, private, and flexible flying experiences,' said Ritesh Hada, co-founder of the a non-scheduled operator, Dunes Air is beginning operations with two aircraft: the Cessna Citation CJ2+, a light jet suited for fast intercity routes, and the Cessna 208B Grand Caravan, known for its short takeoff capabilities and suitability for regional and remote locations. The mix allows the company to offer services tailored to both urban business corridors and under-served regions with limited airport a move to expand its long-range and luxury offerings, the company is also set to induct a Challenger jet into its fleet. This addition is expected to enhance its capacity to serve long-distance routes while maintaining premium onboard comfort — an important factor in attracting elite to Hada, Dunes Air has already begun connecting major metros with tier-2 cities, focusing on key use cases such as urgent medical evacuations, corporate travel, destination weddings, and spiritual journeys. 'We see significant potential in providing reliable and time-sensitive air transport for clients who value time and exclusivity,' he Air is a joint venture founded by Ritesh Hada along with Shaishav Shah, Ketan Gajjar, Navneet Agarwal, Tanuj Pugalia, and Himanshu Shah. The team brings together experience from diverse sectors, reflecting the multi-dimensional nature of the India's private aviation market showing strong post-pandemic growth, Dunes Air's entry comes at a time when both leisure and business travellers are increasingly exploring charter services as a viable alternative to commercial flying. The company hopes to carve out a niche by offering customised, dependable, and high-quality air travel solutions.(With inputs from PTI
Time of India
13 hours ago
- Business
- Time of India
Dunes Air launches premium charter services, eyes growing demand for private aviation
Dunes Air, a private aviation firm based in Mumbai and Ahmedabad, has entered the air charter business, offering premium services to business leaders and high-net-worth individuals. The airline currently operates two aircraft, including a Cessna Citation CJ2+ and a Cessna 208B Grand Caravan. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Ahmedabad-based aviation company Dunes Air has announced its official entry into the air charter business with the launch of its premium chartered services, marking a strategic move to tap into the growing demand for private, flexible, and efficient air travel in company aims to cater to business leaders, high-net-worth individuals (HNIs), and discerning travellers who seek privacy, speed, and convenience. 'We are positioning Dunes Air as a premium air carrier, delivering efficient, private, and flexible flying experiences,' said Ritesh Hada, co-founder of the a non-scheduled operator, Dunes Air is beginning operations with two aircraft: the Cessna Citation CJ2+, a light jet suited for fast intercity routes, and the Cessna 208B Grand Caravan, known for its short takeoff capabilities and suitability for regional and remote locations. The mix allows the company to offer services tailored to both urban business corridors and under-served regions with limited airport a move to expand its long-range and luxury offerings, the company is also set to induct a Challenger jet into its fleet. This addition is expected to enhance its capacity to serve long-distance routes while maintaining premium onboard comfort — an important factor in attracting elite to Hada, Dunes Air has already begun connecting major metros with tier-2 cities, focusing on key use cases such as urgent medical evacuations, corporate travel, destination weddings, and spiritual journeys. 'We see significant potential in providing reliable and time-sensitive air transport for clients who value time and exclusivity,' he Air is a joint venture founded by Ritesh Hada along with Shaishav Shah, Ketan Gajjar, Navneet Agarwal, Tanuj Pugalia, and Himanshu Shah. The team brings together experience from diverse sectors, reflecting the multi-dimensional nature of the India's private aviation market showing strong post-pandemic growth, Dunes Air's entry comes at a time when both leisure and business travellers are increasingly exploring charter services as a viable alternative to commercial flying. The company hopes to carve out a niche by offering customised, dependable, and high-quality air travel solutions.(With inputs from PTI
