Latest news with #BTPL
News18
2 days ago
- Business
- News18
Gokaldas Exports board approves BRFL Textiles merger
Agency: PTI Last Updated: Mumbai, Aug 9 (PTI) Bengaluru-based garments exporter Gokaldas Exports (GEX) on Saturday said its board has approved the amalgamation of BRFL Textiles Pvt Ltd (BTPL) with the company. The BTPL amalgamation scheme approved by the board at its meeting on August 9 brings in a significant manufacturer of a wide range of fabrics that can bolster the supply chain for Gokaldas Exports range of products within the company's fold, the company said. The move, GEX said, will create a vertically integrated business with operational and financial efficiencies. The draft Scheme of Amalgamation of BTPL Ltd with the company and their respective shareholders will be subjected to all necessary regulatory and shareholder approvals, the company stated. The company said it had already made strategic investments in BTPL in June last year through optionally convertible debentures. Earlier this week, the company's board approved increasing the shareholding in BTPL to 19 per cent, it said. BTPL has total assets of Rs 877.13 crore with a net worth Rs 147.57 crore and clocked a turnover of Rs 371.42 crore for FY25. The draft scheme offers two alternatives of either pure equity or cash plus equity in GEX to the shareholders of BTPL, and every shareholder of BTPL will be able to choose from both options, it said. On final approval of the draft scheme of amalgamation, the BTPL shareholders at their option will receive 40 fully paid equity shares of Rs 5 each of GEX for every 3,581 equity shares of Rs 10 held in BTPL or alternatively receive 30 fully paid equity shares of Rs 5 each of GEX and cash of Rs 8,952.50 for every 3,581 shares of Rs 10 held in BTPL, the company said. With these options and including 19 per cent equity already acquired by GEX, the total acquisition cost of shares of BTPL will be Rs 552 crore, Gokaldas Exports added. PTI IAS TRB view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hans India
04-08-2025
- Business
- Hans India
ED arrests Odisha-based firm's MD
Bhubaneswar: Following day-long multi-city searches, the Enforcement Directorate (ED) arrested the Managing Director (MD) of an Odisha-based company in connection with a fake bank guarantee scam, an official said on Saturday. Partha Sarathi Biswal, Managing Director of M/s Biswal Tradelink Private Limited (BTPL), was arrested on Friday after searches in Bhubaneswar and Kolkata at locations linked to the Odisha-based company, said an official statement. After the arrest, Biswal was sent to ED custody. As per the ED, the Central agency recorded an Enforcement Case Information Report (ECIR) and initiated investigation into the fake bank guarantee scam on the basis of a case registered by Delhi's Economic Offences Wing (EOW), on November 11, 2024. The case was registered against BTPL, its directors and others, for providing fake bank guarantee, which was submitted to Solar Energy Corporation of India Limited (SECI). Investigation by the ED revealed that BTPL fraudulently arranged and submitted fake bank guarantees of Rs 68.2 crore along with forged SBI endorsements and fabricated confirmations for an SECI tender. For providing this bank guarantee, Rs 5.40 crore was received by BTPL from Reliance Power, the ED statement said. Evidence confirms the use of fake documents in the name of certain banks and fake email IDs in the name of SBI, the probe agency said. The probe reveals BTPL, a small company incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions disproportionate to its declared turnover. 'Many violations of the Companies Act are found. No statutory records are found at registered address -- such as books of accounts, shareholders' registers. Dummy directors are found to be used just to sign the documents,' the ED statement said. At least seven undisclosed bank accounts of the company were found and proceeds of crime of crores of rupees have been traced to these accounts. Sources said the Central agency, during investigations, found that the company, its directors and associates were engaged in the issuance of fake bank guarantees against a commission of 8 per cent.
Indian Express
03-08-2025
- Business
- Indian Express
ED arrests Biswal Tradelink's MD in fake bank guarantee case, to confront him with Anil Ambani
The Enforcement Directorate (ED) has arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Private Limited (BTPL), in connection with an alleged fake bank guarantee case. 'A probe has revealed that BTPL fraudulently arranged and submitted fake bank guarantees of Rs 68.2 crore along with forged State Bank of India (SBI) endorsements and fabricated confirmations for a Solar Energy Corporation of India (SECI) tender. For providing this bank guarantee, BTPL received Rs 5.40 crore from Reliance Power Limited,' an official said. Seven days after searching multiple locations in Mumbai linked to Anil Ambani, the ED has summoned the industrialist on August 5 to join the investigation into a money laundering case linked to a multi-crore bank loan fraud involving companies of the Reliance Anil Dhirubhai Ambani Group. The ED has also issued a lookout circular (LOC) to prevent him from travelling abroad. BTPL was one of the companies where the ED recently conducted searches. Biswal's arrest was made on August 1 and he was produced before a Delhi Court, which sent him to their custody till August 6. 'We are planning to confront him with Anil Ambani during questioning and will try to verify some facts,' an official said. The ED has initiated its investigation against BTPL based on an FIR registered by the Economic Offences Wing (EOW), Delhi Police, against the firm, its directors and others, for allegedly providing a fake bank guarantee which was submitted to SECI. 'During the investigation, the ED has collected several pieces of evidence and they confirmed the use of fake documents in the name of certain banks and fake email IDs in the name of SBI. Probe has also revealed that BTPL, a small company incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions disproportionate to its declared turnover. Many violations of the Companies Act are found, and no statutory records are found at registered addresses, such as books of accounts, shareholders' registers, etc,' the official said. The probe also revealed that dummy directors were used solely to sign documents, and found at least seven undisclosed bank accounts of the company. 'Proceeds of crime, of crores of rupees, have been traced to these accounts,' the official added. A spokesperson for Reliance Power said the ED case related to a bank guarantee. 'The company and its subsidiaries acted bona fide and have been a victim of fraud, forgery and a conspiracy. The company has made due disclosure on this to the stock exchanges on November 7, 2024. A criminal complaint in this regard has already been lodged with the Economic Offence Wing of Delhi Police against the third party on October 16, 2024. The due process of law will follow,' said the spokesperson.
Time of India
02-08-2025
- Business
- Time of India
'Fake guarantee': ED arrests BTPL's Partha Biswal; will confront him with Anil
Anil Ambani (File photo) NEW DELHI: In a significant development ahead of questioning Anil Ambani of Reliance ADAG, Enforcement Directorate late on Friday night arrested Partha Biswal, the MD of Biswal Tradelink Pvt Ltd (BTPL) that was searched by the agency in connection with a Rs 68-crore fake bank guarantee provided by the Ambani group to Solar Energy Corporation of India Ltd (SECI) to secure a tender. The central agency has claimed that Anil Ambani ADAG group's Reliance Power Ltd paid Rs 5.4 crore to Biswal's BTPL for "providing this bank guarantee" by forging documents. A special court here on Saturday granted the custody of Biswal, whose company was searched on Friday, to ED till Aug 6, during which he is likely to be confronted with Anil Ambani and questioned about the fake bank guarantee he allegedly generated by spoofing email of govt lender SBI. ED proof confirms use of fake docus in name of banks The agency on Friday issued a look out circular (LOC) to put curbs on foreign travel by Anil Ambani who has been summoned for questioning on Aug 5 at the agency's headquarters in Delhi. Biswal's BTPL was incorporated in 2019 and has been found to have at least seven "undisclosed bank accounts" involving transactions of alleged proceeds of crime, disproportionate to its declared turnover, has been found during the money trail conducted by ED. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Santo Domingo Este: Unsold Sofas Prices May Surprise You (Prices May Surprise You) Sofas | Search Ads Search Now Undo On Friday, ED conducted searches at three premises in Bhubaneswar and one at Kolkata after its investigators found alleged evidence of the fake bank guarantee provided to SECI on behalf of Reliance NU BESS Ltd/Maharashtra Energy Generation Ltd. "BTPL fraudulently arranged and submitted fake bank guarantees of Rs 68.2 crore along with forged SBI endorsements and fabricated confirmations for a SECI tender. For providing this bank guarantee, Rs 5.4 crore have been received by BTPL from Reliance Power Ltd," a senior official aware of the probe said. The Reliance Group reiterated its statement issued on Friday saying: "The company and its subsidiaries acted bonafidely and have been a victim of fraud. .. The company has made a due disclosure on this to the stock exchanges and a criminal complaint has already been lodged with Delhi Police." Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Economic Times
02-08-2025
- Business
- Economic Times
ED makes first arrest in loan fraud case linked to Anil Ambani
New Delhi: The Enforcement Directorate (ED) late Friday evening arrested the managing director of an Odisha-based company - its first arrest in an alleged bank loan fraud case involving the Anil Dhirubhai Ambani Group (ADAG). Partha Sarathi Biswal, MD of Biswal Tradelink Pvt Ltd (BTPL), is accused of arranging a fake bank guarantee of ₹68 crore for an ADAG firm. According to the ED, its investigation has revealed that BTPL fraudulently arranged and submitted the fake bank guarantee along with forged SBI endorsements and fabricated confirmations on behalf of Reliance Nu Bess Ltd for a tender floated by Solar Energy Corporation of India Ltd (SECI). For this, BTPL received ₹5.40 crore from Reliance Nu Bess' parent, Reliance Power Ltd, ED has ED carried out searches against Biswal Tradelink on Friday. Agency sources said the evidence gathered by ED confirmed the use of fake documents in the name of certain banks and fake email IDs in the name of SBI."Probe reveals BTPL, a small company incorporated in 2019, maintained multiple undisclosed bank accounts and carried out transactions disproportionate to its declared turnover. Many violations of the Companies Act are found," the probe agency said in a news release on Saturday. Statutory records such as books of accounts and shareholders' registers were not found at the registered address, it said, adding: " Dummy directors are found to be used just to sign the documents."At least seven undisclosed bank accounts of the company were found and "proceeds of crime, of crores of rupees, have been traced to these accounts", it claimed. Biswal was produced before a Delhi court, which sent him to ED's custody till August 6. ET was the first to report on Friday that the ED had summoned Anil Ambani for questioning in connection with its investigation into the ₹17,000 crore alleged loan fraud case. Ambani has been asked to appear before the agency on August 5. According to the Enforcement Directorat, Biswal Tradelink ran a racket that issued fake bank guarantees to business groups. As per the agency, the Delhi Police filed the first information report in the case based on a Reliance Nu Bess company, accusing Biswal Tradelink of cheating it by promising to arrange bank guarantees for a fee and then providing a fake bank guarantee. According to the ED, Reliance Nu Bess wrongly claimed that it was cheated. "Documentary evidence reveals that apparently the two parties acted in collusion. The directors of Biswal Tradelink were found to be previous directors of Reliance group," a senior official had told ET.A statement issued by the Reliance Group on Friday said: "The company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy. The company has made due disclosure on this to the stock exchanges on November 7, 2024," it further said "a criminal complaint in this regard has already been lodged with the Economic Offences Wing (EOW) of Delhi Police against the third party on October 16, 2024" and that the "due process of law will follow".
