Shimla: Arun Dhumal, younger son of former Chief Minister Prem Kumar Dhumal, again targeted Chief Minister Virbhadra Singh and raises doubts over the decision of re-allotment of Sai Kothi Hydro Power Project to Venture Energy and Technology Limited in its tenure from 2003-2007.
While interacting with press here today, Arun Thakur stated that the Sai Kothi Project was awarded on 21.5.2002 to a consortium of M/S Aban Loyd Chiles Offshore Ltd. (Lead developer) with 90 percent equity and M/S Shristi Infrastructure Ltd. (Co-developer) 10 percent equity. There were two others M/S BSES (EPCC) and M/S Kossler GmBH Austria (E&M) were in the consortium, but had no equity in the company. The MOU for the same was signed on 14.6.2002.
As per MOU, the Company could not make change in the consortium members and their equity participation till two years after commissioning of the project without the prior approval of the Govt. However, Company made changes in equity position many times in violation of Clause 16 of MOU and because of which the Govt cancelled the project in 2004.
Dhumal stated that now equity participation has totally changed and now Vakamulla Chandershekhar owns 733910 shares that are accounted to 46 percent. Krishna Kumar Nittala owns 21.96 percent shares; Reji Abraham 25.72 percent and Asian Techs Limited have 6 percent shares in the company. Three other Bobby Malia, Dev Kumar Pathak and Naresh Kumar Saini have 20 shares each in the company.
Thakur said that Vakamulla Chandershekhar was mere Promoter Director (without any equity) authorised by Company to only represent and sign the MOU, but now he owns majority equity in the company, which flouted MOU.
Arun Dhumal termed it as a case of crony capitalism wherein the person misrepresented the govt. to get the project allocated in the name of a Consortium. After allocation, the equity is diluted and money is made whereas the project had not even got clearances, which is clear violation of MOU with Govt.
Dhumal has demanded through investigation into it and asked Chief Minister Virbhadra Singh to resign for independent probe.
Arun Dhumal allegations
– Misrepresented govt. to get the power project alloted for his company.
– Diluted stake to make money by selling equity at premum (for Uncommisioned project which existed only on paper).
– Used his influence to get the project restored to his company by again misleading the govt. officials.
– Filed misleading and wrong affidavit in the Court (Reply filed on 25.4.2005).
– Failed to deposit Rs. 58.19 Lakhs to govt. against extensions whereas gave crores of rupees to Mr. Virbhadra Singh & family.