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Time of India
22-05-2025
- Politics
- Time of India
CBI chargesheet against J&K ex-guv Satypal Malik in graft case
NEW DELHI: CBI on Thursday filed a chargesheet against former J&K governor Satypal Malik and seven others in connection with alleged corruption in award of a Rs 2,200-crore civil works contract for the Kiru hydel project in Kishtwar district. CBI has also named as accused Malik's then private secretaries Virendra Rana and Kanwar Rana; M S Babu, MD of Chenab Valley Power Projects Pvt Ltd; and company directors M K Mittal and Arun Mishra; MD of Patel Engineering Limited Rupen Patel; and Kanwaljit Duggal, a private person. Sources in the agency said both digital and documentary evidence has been gathered in connection with the case that arose after Malik claimed he was offered a Rs 200-crore bribe for clearing two files related to the project.
The Hindu
22-05-2025
- Politics
- The Hindu
Kiru hydel corruption case: CBI files chargesheet against former J&K Governor Satyapal Malik, 7 others
The Central Bureau of Investigation (CBI) has filed a chargesheet against former Jammu and Kashmir Governor Satyapal Malik and seven others in connection with alleged corruption in the award of ₹2,200-crore civil works for Kiru hydropower project, officials said Thursday (May 22, 2025). The agency has filed its chargesheet after three years of probe before a special court naming Mr. Malik and his two aides Virender Rana and Kanwar Singh Rana, they said. The other persons named in the chargesheet included the then Chenab Valley Power Projects Private Limited (CVPPPL) managing director M.S. Babu, its directors Arun Kumar Mishra and M.K. Mittal, managing director of construction firm Patel Engineering Limited Rupen Patel and private person Kanwaljeet Singh Duggal, the officials said. In a message on 'X' on Thursday (May 22, 2025), Mr. Malik said he was admitted in the hospital and not in a condition to talk to anyone. The former Governor said he was getting calls from many well-wishers which he was unable to take. The CBI had conducted searches at the premises of Mr. Malik and others in connection with the case in February last year. The case pertains to the alleged malpractices in the award of the contract worth about ₹2,200 crore of civil works of the Kiru Hydro Electric Power (HEP) Project to a private company in 2019, the CBI had said after the registration of the FIR in 2022. Mr. Malik, who was the governor of Jammu and Kashmir from August 23, 2018 to October 30, 2019, had claimed that he was offered a ₹300-crore bribe for clearing two files, including the one pertaining to the project. He denied allegations of corruption against him after the agency conducted search operation last year. Mr. Malik said his residence was raided by the CBI instead of investigating the people he had complained about and who were involved in corruption. 'They will not get anything except four-five kurtas and pyjamas. The dictator is trying to scare me by misusing government agencies. I am a farmer's son, I will neither be afraid nor bow down,' he had posted online. The central agency had filed the FIR against Navin Kumar Choudhary, the then chairman of the CVPPPL, and other officials including Babu, Mittal and Mishra, besides construction firm Patel Engineering. 'Though a decision was taken in the 47th board meeting of CVPPPL for re-tender through e-tendering with a reverse auction after the cancellation of the ongoing tendering process, the same was not implemented (according to the decision taken in the 48th board meeting) and the tender was finally awarded to Patel Engineering Limited,' the FIR has alleged.
Time of India
22-05-2025
- Politics
- Time of India
Kiru hydropower corruption case: CBI files chargesheet against former J-K governor Satyapal Malik
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The CBI has filed a chargesheet against former Jammu and Kashmir governor Satyapal Malik and five others in connection with alleged corruption in the award of Rs 2,200-crore civil works for Kiru hydropower project, officials said Thursday. The agency has submitted its findings after three years of probe before a special court naming Malik and five others as a message on 'X' on Thursday, Malik said he was admitted in the hospital and not in a condition to talk to former governor said he was getting calls from many well-wishers which he was unable to CBI had conducted searches at the premises of Malik and others in connection with the case in February last a statement after the registration of the FIR in 2022, the CBI had said the case pertains to the alleged malpractices in the award of the contract worth about Rs 2,200 crore of civil works of the Kiru Hydro Electric Power (HEP) Project to a private company in who was the governor of Jammu and Kashmir from August 23, 2018 to October 30, 2019, had claimed that he was offered a Rs 300-crore bribe for clearing two files, including the one pertaining to the had denied allegations of corruption against him after the agency conducted search operation last said his residence was raided by the CBI instead of investigating the people he had complained about and who were involved in corruption."They will not get anything except 4-5 kurtas and pyjamas. The dictator is trying to scare me by misusing government agencies. I am a farmer's son, I will neither be afraid nor bow down," he had posted central agency has booked Navin Kumar Choudhary, the then chairman of the Chenab Valley Power Projects Private Limited (CVPPPL), and other officials including M S Babu, M K Mittal and Arun Kumar Mishra, besides construction firm Patel Engineering Limited "Though a decision was taken in the 47th board meeting of CVPPPL for re-tender through e-tendering with a reverse auction after the cancellation of the ongoing tendering process, the same was not implemented (according to the decision taken in the 48th board meeting) and the tender was finally awarded to Patel Engineering Limited," the FIR has alleged.
Business Upturn
21-05-2025
- Business
- Business Upturn
Patel Engineering bags Rs 711.29 crore hydropower project from NEEPCO
Patel Engineering Limited (PEL) has received a contract worth Rs. 711.29 crore from the North Eastern Electric Power Corporation Limited (NEEPCO) for the construction of the 240 MW HEO Hydropower Project in Arunachal Pradesh. The project will be executed under the Engineering, Procurement, and Construction (EPC) mode. The HEO Hydropower Project is located in the Shi Yomi district of Arunachal Pradesh. Patel Engineering was selected as the lowest bidder (L1) for this contract. The project is expected to be completed within 44 months. The scope of work includes the construction of civil structures and related infrastructure, as well as the testing and commissioning of hydro-mechanical plant and machinery. The objective is to ensure the successful operation of all generating units of the 240 MW HEO Hydroelectric Project. Kavita Shirvaikar, Managing Director, Patel Engineering Limited stated, 'We are proud to have been awarded the HEO Hydropower project from NEEPCO. This order further cements our position as a trusted partner for building critical infrastructure for India's power sector and strengthens our position in the North-East. Arunachal Pradesh with its vast and largely untapped hydropower potential, is emerging as a key region in India's renewable energy landscape. As we embark on the execution of the HEO hydropower project, we bring with us decades of experience, a proven track record in complex hydropower works, and a deep sense of responsibility towards environmental stewardship and community engagement.' Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Hans India
13-05-2025
- Business
- Hans India
Patel Engineering's Q4 net profit crashes 73 pc over rising costs
Mumbai: Patel Engineering Limited on Tuesday reported a sharp drop in its net profit for the fourth quarter (Q4) of FY25 despite strong revenue growth, as rising expenses and narrowing margins put pressure on earnings. The company posted a consolidated net profit of Rs 38.17 crore in Q4, down 73 per cent from Rs 140.35 crore in the same period last fiscal, according to its stock exchange filing. Revenue, however, rose 20 per cent year-on-year (YoY) to Rs 1,611.86 crore from Rs 1,343.18 crore, total expenses also jumped significantly. The company reported expenses of Rs 1,498.3 crore in Q4, up 22.04 per cent from Rs 1,227.71 crore in the year-ago period. This rise in costs contributed to a decline in EBITDA, which fell by 8 per cent to Rs 218.34 crore compared to Rs 237.58 crore last financial year. EBITDA margin also narrowed sharply to 13.5 per cent from 17.7 per cent, the company said in its exchange filing. The disappointing bottom line impacted on the company's stock, which was down Rs 1.68 or 3.77 per cent to trade at Rs 42.92 on the National Stock Exchange (NSE) during the intra-day session. Despite the profit setback, the company highlighted major achievements in its operational performance for the full year. Managing Director Kavita Shirvaikar noted that Patel Engineering crossed Rs 5,000 crore in annual revenue for the first time, reflecting consistent growth and operational strength. She also pointed to a robust order book worth Rs 15,218 crore as of March 31, with an additional Rs 2,500 crore in L1 orders expected to be confirmed. 'Looking ahead, the company remains optimistic due to the government's continued focus on renewable energy and infrastructure development, particularly in hydropower, pumped storage, and tunneling projects -- areas where Patel Engineering has a strong foothold,' Shirvaikar mentioned. Patel Engineering, a 76-year-old company founded in 1949, specialises in heavy civil engineering works.
