Companies & Sectors
NSEL fallout: NK Proteins MD Nilesh Patel arrested

NK Proteins' MD Nilesh Patel, also a son-in-law of NSEL's former chairman was arrested today. The EOW of Mumbai police arrested Patel who owed Rs930 crore the NSEL

Nilesh K Patel, managing director of NK Proteins Ltd, one of the biggest defaulters of National Spot Exchange Ltd (NSEL), was arrested by the economic offences wing (EOW) of Mumbai police. NK Proteins owed Rs930 crore to the troubled NSEL.


Patel is son-in-law of politician Shankarlal Guru, who resigned as chairman of NSEL on 19th August. In the same month, NSEL filed complaint against five of its defaulting members before the investigation authorities. This includes Ark Imports Pvt Ltd, Lotus Refineries Pvt Ltd, NK Proteins Ltd, Vimladevi Agrotech Ltd and Yathuri Associates.


However, Guru claimed lack of knowledge regarding his son-in-law's dealing or defaults. In a statement, NSEL Investors Forum (NIF), a representative body of investors in Spot Exchange, had said, "It clearly shows his (Guru's) complicity in the fraud and by resigning from chairmanship his involvement cannot be washed away. Guru should at least give some credit to the intelligence of investors and general public. A chairman cannot be an innocent bystander when a fraud of Rs5,500 crore is being committed and almost 20% has gone to his son-in-law. Investors are confident that the law will catch up with him sooner or later".


Speaking with PTI, Guru, who is also former member of Gujarat assembly, had said, “I understand he is my son-in-law, but if he has done the wrong thing, he should be punished for it. I have nothing to do with this. I am being associated with it as I was the board chairman".


NSEL, promoted by Jignesh Shah-headed Financial Technologies (India) Ltd (FTIL), is has failed to settle Rs5,600 crore due to 148 members/brokers, representing 13,000 investor clients, after it suspended trade on 31st July on government direction.




3 years ago

He is taking the same stand that the great N.Srinivasan of BCCI and India Cements is taking.N.S says that Meiyappan may be involved in match fixing, betting that I am not aware of, but we live in the same house.He has married my daughter and nothing beyond that!!!

Top 30 NPA accounts of PSU banks under government scanner

According to Chidabaram, the Indian government is monitoring top 30 non-performing assets in all state-run bank in each zone

Concerned over defaults by big borrowers, Finance Minister P Chidambaram on Tuesday said that the union government is monitoring the top 30 non-performing assets (NPAs) account in each state-run lender and asked the Banks to set up separate verticals to recover the money from written-off accounts.


Talking to reporters after meeting the heads of public sector unit (PSU) banks, Chidambaram said, “We are monitoring the top 30 NPA accounts in each bank, each zone. It is a matter of concern that it is the big borrowers (with loans of over Rs1 crore) who are defaulting”.


Chidambaram said he hoped that NPAs are a function of economy and would improve with the recovery in economic growth.


The minister said the situation was not as bad as it was in 2000, when gross NPAs touched a high of 14%. NPAs, which plateaued over the years at about 2%, have started creeping up with the deceleration in growth in the past few years.


As of June, the gross NPA of nationalised banks was 3.89% and State Bank of India (SBI) group at 5.5%.


Chidambaram said like State Bank of India, other PSU banks should set up separate verticals to recover as much as possible from the accounts that were written off.


The Minister, however, expressed satisfaction over credit growth by PSU banks in the first and second quarters of the current financial year and expressed hope that it will remain “satisfactory” in the remaining part of the fiscal.


Chidambaram said housing loans recorded a healthy growth in the first and second quarters and rose 42% and 61%, respectively.


Education loans also registered growth, he said, adding that banks have been asked to meet the lending target with regard to minorities.


The minister said PSU banks will open 10,000 new branches and set up 34,668 onsite ATMs during the course of the current financial year.


Referring to the current account deficit (CAD), the finance minister said that the government does not intend to lift the ban on gold coins and medallions.


The government had imposed restrictions on import of gold with a view to contain CAD, which widened to an all-time high of 4.8% of GDP in 2012-13. During the current fiscal, CAD is expected to narrow to below 3.7% of GDP.


RTI Judgement Series: Share info on works done at various parks in Delhi

The CIC directed the PIO of horticulture department at MCD to publish all information about works carried out in various parks in the city. This is the 186th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application

The Central Information Commission (CIC), while allowing an appeal, directed the Public Information Officer (PIO) of horticulture department at Municipal Corporation of Delhi (MCD) to ensure compliance with Section 4 of the Right to Information (RTI) Act and publish information on the website.


While giving the judgement on 19 August 2009, Shailesh Gandhi, the then Central Information Commissioner said, "The PIO is directed to ensure that the details of works done in the various parks are put up proactively on the website of MCD in compliance of Section 4 requirements. This will be done before 30 September 2009 and a compliance report will be sent to the CIC."


New Delhi resident, AN Prasad, on 4 January 2008, sought from the PIO information regarding budget allocated and works carried out in Delhi by the horticulture department. Here is the information he sought and the reply provided by the PIO...


1. Please provide the following details of funds (both plan & non-plan) allocated to the horticulture department for the said park for the year 2005-06, in a suitable format

(a) Amount allocated under each head during budget estimates and revised estimates for the said year

                (b) Amount actually spent under each head for said year

PIO's reply—As regards details of funds (both & non-plan) allocated for the said park, it is informed that as per records maintained in this office, the same maybe treated as 'NIL'.


2. Please intimate the Municipal Ward in which the said park falls

PIO's reply—The park falls in Ward No.191, Shahpur Jat.


3. Please give the exact area of the said park

PIO's reply—Area of the park is 0.278 acres.


4. Please give the sanctioned strength and working strength of employees at each level from bottom to the level of DC (Zone) employed tin horticulture, in a suitable format

PIO's reply—As regards the sanctioned strength and working strength, the same is not clear.  The Applicant is requested to clarify whether the information required is for whole of the zone or for this particular park. However, the basic information is as under:

(i)DC (Zone), (ii) DDH/SZ, (iii) ADH/SZ (iv) SO(H), (v) Supervisor (vi) Mali


5. Please give the names, contact nos. and office addresses of employees/officials (at all levels), who have jurisdiction over the said park

PIO's reply—As regards the details, the same is as under:

(i) DC(Zone) Sh B.N. Singh, MCD Zonal Office, Green Park (ii) DDH/SZ Sh.Harender Singh


6. Please provide the duty chart and duty timings for employees/gardeners etc. in these parks and their geographical and functional job and responsibilities in a suitable format

PIO's reply—Duty timings of Mali is 9.00 a.m. to 5.00 p.m. As regards, the job, all job relating to maintenance of garden/park.


7. What activities-daily, weekly, monthly, quarterly or annual maintenance etc. are supposed to be carried out on the said park as per rules including watering, weeding out etc. Which employees are supposed to carry out these activities?       

PIO's reply—It is informed that the job includes all job relating to maintenance of garden/park.


8. Have these activities been carried out during the past five years i.e. 2003 to 2007

PIO's reply—There is no record pertaining to the activity carried in past. However, it is informed that the job relating to maintenance of garden/park is being carried out form time to time in routine manner.


9. Who is the supervisory officer for the said park?  Is there any prescribed schedule for him/her to inspect the maintenance work?

(a) Did he/she inspect the work during the period mentioned above in point 8, if yes, please mention the number of occasions for such inspections. Did he/she find the work satisfactory?

PIO's reply- The same is not clear. However, the staff detail is given above. As regards, the schedule, it is informed that there is no fixed schedule.

(a) Not applicable in view of above.


10. Please give the list of all works carried out on the said park during the period as mentioned in point 8 above

PIO's reply- There is no record pertaining to the activity carried in past. However, it is informed that the job relating to maintenance of garden/park is being carried out from time to time in routine manner.


11. The appellant want to inspect all works with respect to point 10 above. Please indicate the date, time and venue when he should come and inspect the works. At the time of inspection, he would also like to inspect the records related to these works.  The inspection reports as mentioned in point 9 above should also be available at the venue at the time of inspection

PIO's reply- The applicant may contact on 12 March 2008 at 3.00pm in the office of deputy director (Hort.), South Zone, Green Park for inspection/further information.


Not satisfied with the PIO's reply, Prasad filed his first appeal. In his order, the First Appellate Authority (FAA) stated, "A hearing of the appeal was fixed for 28 March 2008. The appellant opted not to attend the hearing. Neither the PIO nor any of his representatives attended the hearing. No comments were also furnished. Such a lackadaisical approach on the part of PIO-director (horticulture) is beyond any justification. He is hereby directed to provide complete point specific information to the appellant Prasad within 10 days. A report regarding non-attendance of anybody from the part of the PIO be also furnished to the undersigned within seven days".


However, despite orders from the FAA, the appellant did not receive any communication from the PIO.


Prasad, the appellant then approached the CIC with his second appeal. While allowing the appeal, the CIC on 23 March 2009 directed the PIO to provide the information sought by the appellant before 16 April 2009.


However, on 29 June 2009, the CIC received a letter from Prasad alleging that the information was not provided to him by the PIO. The CIC then issued a show cause notice to the PIO.


During the show cause hearing on 19 August 2009, the Bench headed by Mr Gandhi, the then CIC, observed that most of the information was provided to Prasad. The appellant however, stated that no information was provided on the schedule of inspection of the park and the records of works done in the park.


The PIO stated that there was no record pertaining to inspection or parks and records of works done in the parks and he would give this in writing to the appellant before 27 August 2009. 


The PIO informed the Bench that work schedule is now being maintained by the section officers of the works done in the various parks.


Mr Gandhi, then directed the PIO to ensure that details of work schedule are put up proactively on the website of MCD in compliance of Section 4 requirements before 30 September 2009 and send a compliance report to the CIC.




Decision No. CIC /SG/A/2009/000189/2338Adjunct

Appeal No. CIC/ SG/A/2009/000189


Appellant                                            : AN Prasad,

                                                            New Delhi-110087


Respondent                                        : The Dy. Director (Hort.) & PIO

                                                            Municipal Corporation of Delhi

                                                            (Horticulture Department HQ)

                                                            Tourist Camp Site: JLN Marg,

                                                            New Delhi-110002




3 years ago

fact of the matter in DDA colonies in Delhi every year the grills of the park compounds are brought down ( when actually these structures are good for at least 10 years). this a major plunder this happens in all assembly constituencies rather in Janakpuri one can find gates of parks ( 2-3 in each park) is built of marble stones and still changed every year to keep contractor lobby busy as they are the one who foots the bill for various hoardings put during the tenure of MLA/Corporator. yesterday Wife of Jagdish Mukhi MLA Janakpuri as President of Mahila Jagruti Manch hosteda Karwa Chauth gathering at Dussera Ground Janakpuri (in front of Bharati College, DU) attended by over 2000 ladies with Navjot Singh Sidhu BJP M.P.LS (Amritsar). This function would have no less than Rs 10,00,000/- now it is the Contractors who carry out MCD work foots the bill.

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