Latest news with #Odisha-based
Indian Express
3 days ago
- Indian Express
CBI arrests senior ED official from Odisha in Rs 2-crore bribery case
The Central Bureau of Investigation (CBI) arrested a deputy director of the Enforcement Directorate (ED) in Odisha on Friday in connection with an alleged bribery deal. The agency apprehended the senior ED official, Chintan Raghuvanshi, a 2013-batch Indian Revenue Service (IRS) officer, after he demanded a bribe of Rs 2 crore from an Odisha-based mining trader. This was allegedly after the ED raided multiple locations linked to the businessman's company. The CBI laid a trap after the complainant purportedly informed the agency about the situation. An FIR was lodged Thursday. 'In the complaint, it is alleged that Chintan Raghuvanahi has demanded a bribe of Rs 5 crore (which was further reduced to Rs 2 crore), out of which, first installment of Rs 50 lakh is to be paid to him on 28.05.2025 through… a private person in exchange for not attaching his hospital and not arresting him and to settle an ED case,' read the FIR. The agency verified the complaint through an officer, who in his report, said the 'private person' had directed the complainant to pay Rs 50 lakh as the first installment at 11 am Thursday, CBI sources told The Indian Express, adding that the agency recovered colour-coded cash while arrested the official. The ED official's lawyer Siddhant Mohanty was quoted by PTI as saying in Bhubaneswar that a special CBI court has remanded Raghuvanshi to judicial custody for 14 days. 'However, his bail petition has not been rejected. It will be heard on June 4,' Mohanty said. When contacted, the lawyer refused to make any further comments.
India Gazette
4 days ago
- India Gazette
Delhi Police busts interstate drug racket; 254 kg of marijuana seized
New Delhi [India], May 29 (ANI): The Delhi Police Crime Branch has arrested three individuals and seized over 254 kilograms of high-quality marijuana, estimated to be worth over Rs 1 crore in the illegal market. The contraband was ingeniously hidden inside a container carrying bulk soya badi in an attempt to evade detection, as per a statement from the Delhi police. The arrests were made following a two-month-long intelligence-led operation spearheaded by the Anti-Gangster Section (AGS) of the Crime Branch. The operation, aligned with the government's Nasha Mukt Bharat Abhiyaan, was conducted under the supervision of Deputy Commissioner of Police (Crime Branch) Harsh Indora, added the statement. Based on specific intelligence and advanced technical surveillance, the police intercepted a suspicious truck on May 27, 2025. The vehicle had travelled from Baharampur in Odisha and was closely monitored throughout its journey to Delhi using toll plaza data and mobile surveillance. Upon search, 254.1 kilograms of marijuana were recovered -- 30.38 kg from accused Anil Kumar and 223.72 kg from the truck. DCP Crime Harsh Indora said, three individuals were apprehended and identified as Bhuneshwar Singh (49), a resident of Bihar, Jang Bahadur Yadav (48), a residence from Faridabad, Haryana and Anil Kumar (30), a resident of Nangloi, Delhi. A case under various sections of the NDPS Act and Indian Penal Code has been registered at the Crime Branch Police Station, read the statement further. Investigations have revealed that Jang Bahadur Yadav is a key figure in the operation, connected with major drug suppliers based in Baharampur, Odisha. He owns four trucks, two of which are believed to be off-road but allegedly used in the trafficking operations by duplicating registration numbers to confuse enforcement agencies. One of his trucks was recently intercepted by Jharkhand Police in a separate drug seizure, and the driver involved is currently absconding. Bhuneshwar Singh, who works closely with Jang Bahadur, is believed to be responsible for transporting the narcotics across states. He has reportedly made multiple trips delivering consignments to Ahmedabad and Delhi, receiving payments of Rs 60,000 per trip. Anil Kumar was identified as the local receiver of the consignment in Delhi, operating under the direction of his brother-in-law, Chhotu Kumar. Chhotu Kumar is a shoe company contractor who allegedly uses his business as a front for drug distribution in Delhi's Nangloi and Dichon areas. He added that Chhotu Kumar is reportedly the key handler and liaison between the Odisha-based suppliers and Delhi distributors, coordinating logistics and payments. The seizure included a truck used in transportation and a motorcycle. The police have also uncovered that identical registration numbers were being used on multiple trucks to deceive law enforcement agencies. The crime branch has emphasised that this bust points to a well-structured, pan-India drug syndicate with roots in Odisha and distribution networks across Gujarat, Haryana, and Delhi. Efforts are ongoing to identify additional members of the network and trace the full supply chain. (ANI)
Mint
7 days ago
- Business
- Mint
SC orders status quo on Bhushan Power liquidation, allows JSW Steel to file review
The Supreme Court on Monday ordered a status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), granting relief to JSW Steel Ltd and allowing the company to file a review petition against the court's 2 May verdict that had quashed its ₹ 19,300 crore resolution plan. A bench comprising Justices B.V. Nagarathna and Satish Chandra Sharma directed the National Company Law Tribunal (NCLT) to keep the matter pending until the apex court decides on JSW Steel's review plea. 'Without expressing any opinion at this juncture, we find that the interest of justice will be served if status quo is maintained in the proceedings pending before the NCLT,' Justice Nagarathna said. 'We clarify that this order of status quo will operate until the consideration of the review petition.' The court asked JSW Steel to file the petition within the prescribed limitation period, which is 30 days. The court's decision came in response to a plea filed by JSW Steel seeking a stay on the liquidation process initiated by Bhushan Power and Steel's former promoter Sanjay Singhal. Singhal had approached the NCLT urging immediate commencement of liquidation proceedings following the Supreme Court's 2 May judgment cancelling JSW Steel's resolution plan and directing BPSL's liquidation. JSW Steel, in its application, had requested the Supreme Court to defer the liquidation process for 60 days to give it time to file a review petition. The top court's interim relief now enables the steelmaker to approach the court with a review plea without parallel liquidation proceedings continuing before the NCLT. The Supreme Court indicated that the matter will likely be heard after the court's summer vacation, and after JSW Steel files its review petition challenging the court's earlier judgment. The Supreme Court's 2 May ruling was a major setback for JSW, which acquired BPSL through the corporate insolvency resolution process more than five years ago and has since made substantial investments in the company. The apex court had set aside the resolution plan on grounds of non-compliance with key provisions of the Insolvency and Bankruptcy Code, particularly the failure to adhere strictly to the plan's approved timeline. The review petition is significant for JSW Steel, not just from a legal standpoint but also due to the financial and strategic importance of Bhushan Power and Steel to its domestic operations. As of 31 March 2024, JSW Steel carried net assets worth ₹ 14,091 crore related to BPSL on its consolidated balance sheet. BPSL's Odisha-based plant has a capacity of 4.5 million tonnes per annum (MTPA), forming a key part of JSW Steel's total domestic capacity of 34.2 MTPA—the highest in India. Appearing for JSW Steel before the Supreme Court on Monday, senior advocate Neeraj Kishan Kaul questioned the locus standi of Singhal, pointing out that he is under investigation by the Enforcement Directorate for alleged malpractices. Solicitor General of India, Tushar Mehta, appearing for BPSL's committee of creditors, also questioned Singhal's locus standi in the case. 'They are already under a chargesheet. Having left the company years ago, they are now pressuring the NCLT. You are the creator of the problem,' Mehta said. Senior advocate Dhruv Mehta, appearing for Singhal, opposed JSW Steel's plea, arguing that the steelmaker's petition against the NCLT order was not maintainable since the appellate remedy had not been availed. He added that the Supreme Court had in its 2 May judgment acknowledged Singhal's locus standi and highlighted several faults of BPSL's committee of creditors. Solicitor General Tushar Mehta suggested deferring the NCLT proceedings until 10 June, emphasizing the need to avoid further complications. 'This was a resolution plan implemented five years back. We have taken the money. Now, to reverse everything… they have taken money from other banks. Some of them are foreign banks. It will be difficult for them to deal with foreign banks. So some way will have to be found out,' Mehta said. Bhushan Power and Steel was among the first 12 large defaulters identified by the Reserve Bank of India in 2017 for resolution under the Insolvency and Bankruptcy Code, with total dues of over ₹ 47,200 crore. At the time of its insolvency admission, the company owed more than ₹ 45,000 crore. JSW Steel's ₹ 19,300 crore resolution plan was the highest bid received and was approved by the NCLT in September 2019, and later upheld by the National Company Law Appellate Tribunal (NCLAT) in February 2020. Despite ongoing litigation, including legal challenges mounted by Sanjay Singhal, JSW Steel went ahead with the resolution plan, making substantial payments and taking operational control of the BPSL plant in Odisha. In a post-earnings call last week, JSW Steel's joint managing director Jayant Acharya said the company had 'implemented the resolution plan of BPSL in compliance with the law and taken steps to successfully revive the company to its present state today'. He added that JSW Steel expected its compensation rights to be upheld following the Supreme Court 2 May decision. JSW Steel has also issued demand notices to a group of banks, seeking refunds of the funds disbursed as part of the now-invalidated resolution plan.
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Business Standard
7 days ago
- Business
- Business Standard
Supreme Court orders status quo on Bhushan Steel liquidation amid JSW plea
The Supreme Court on Monday ordered a status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), temporarily halting action by the National Company Law Tribunal (NCLT) following a petition filed by JSW Steel. This move offers JSW a window to seek review of the apex court's May 2 judgment, which had rejected its ₹19,700 crore resolution plan and ordered liquidation of the debt-laden company. The order came after Sanjay Singhal, former promoter of BPSL, approached the National Company Law Tribunal (NCLT) seeking liquidation based on the apex court's earlier judgment. The Supreme Court noted that the 'status quo needs to be maintained in the interest of justice", meaning no further action on liquidation will proceed until the review petition, expected within 30 days under court rules, is resolved. JSW has until June 2 to file the review. Solicitor General of India Tushar Mehta, appearing for the Committee of Creditors (CoC), proposed deferring the NCLT proceedings to June 10 as a middle ground. Bhushan Power insolvency, resolution plan, and SC ruling BPSL, one of the first major insolvency cases initiated under the Insolvency and Bankruptcy Code (IBC) in 2017, had defaulted on dues exceeding ₹45,000 crore. JSW Steel acquired BPSL through the IBC process in 2019. The NCLT had approved the resolution plan on September 5, 2019. However, five years later, on May 2, the Supreme Court ordered the liquidation of Bhushan Power and Steel Ltd upon ruling JSW's resolution plan non-compliant with Sections 30(2) and 31(2) of the IBC. Sections 30(2) lists what a resolution plan must include, like covering process costs and payments to operational creditors, while Section 31(2) allows approval only if the plan meets Section 30's conditions. In its ruling, the apex court faulted both the CoC and the NCLT for approving the BPSL resolution plan. The court also directed creditors to return the funds already disbursed under the now-invalidated plan, including equity contributions. The stakes are high for JSW Steel. As of March 2024, the company held net assets worth ₹14,091 crore linked to BPSL. The Odisha-based plant contributes 4.5 million tonnes annually to JSW's 34.2 MTPA domestic steelmaking capacity - India's highest. JSW has signalled its intent to explore all legal avenues to protect its investment. What next for BPSL and JSW Steel? The NCLT is expected to take up the matter post the Supreme Court's vacation, and the CoC will retain the authority to appoint a liquidator and oversee proceedings if the review fails. For now, JSW's petition to defer liquidation and preserve its investment in BPSL remains in effect.
Time of India
25-05-2025
- Time of India
Cops bust Odisha racket duping people with fake gold, 6 arrested
Prayagraj: Kaushambi police on Sunday claimed to have busted an Odisha-based racket duping people with counterfeit gold and arrested its six members, including three women, near Chamrupur canal road. Tired of too many ads? go ad free now Cops have also recovered Rs 15 lakh cash and two mobile sets from their possession. The arrested persons, identified as Haridas, Ambikadas, Bala Pradhan, Mamuni Das (wife of Narayandas), Reen Das (wife of Hari Das), and Radha Das (wife of Ambika Das), are residents of Odisha. They were booked under section 304\318 (4) and 317 (2) of BNS. Police said that the racket used to lure people by promising gold at discounted rates, convincing them to pay large sums of money. On May 24, Manjhanpur resident Ram Nihore Maurya registered a complaint against an Odisha-based Banjara (nomads) gang that duped him of Rs 15 lakh on the pretext of giving pure gold at discounted rates, following which an FIR was registered with Kokhraj police station. A team of Kokhraj police, acting upon a specific tip-off about the gang's movement, raided a spot and arrested all six members with the seizure of cash and mobile. The gang members told police that they cheated a jeweller on the pretext of offering a piece of gold at discounted rates and duped him. The gang used to target gullible people and jewellers on the pretext of offering gold at discounted rates and escape with the cash after giving them counterfeit gold.
